U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 23681 / November 1, 2016

Court Enters Final Judgment Against Former Director of Rhode Island Bank in Insider Trading Case

The Securities and Exchange Commission today announced that the federal district court in Rhode Island has entered a final judgment against Anthony Andrade, a resident of Rehoboth, Massachusetts, ordering him to pay $150,000 to settle allegations that he engaged in insider trading in the stock of Bancorp Rhode Island, Inc. (BankRI).

In June 2015, the SEC charged Andrade, a former member of the board of directors of BankRI, and three of his friends and close business associates. According to the SEC's complaint, filed in federal court in Providence, Rhode Island, Andrade illegally tipped inside information about BankRI's potential acquisition to the three friends and associates, each of whom traded on the inside information Andrade supplied to them, and collectively profited by over $80,000 when BankRI's stock price significantly increased after an acquisition announcement was made public. The three traders, Robert Kielbasa, Fred Goldwyn, and Kenneth Rampino, previously agreed to settle the charges against them.

Without admitting or denying the allegations of the complaint, Andrade consented to the entry of a final judgment, which was entered by Chief Judge William Smith of the United States District Court for the District of Rhode Island, that permanently enjoins him from violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The judgment also orders Rampino to pay a civil penalty of $150,000 and to be barred from serving as an officer or director of a public company.